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When you join Neches FCU, you join a family. We are here to serve you and provide you with financial resources, just like the Neches River provides valuable resources to our community!
How to Open an Account
- In person at a financial institution or online
- Typical items needed are valid ID and social security number
Checking vs. Savings Accounts
Checking
- Easy access to funds
- Debit card transactions
- ATM withdrawals
- Bill pay
- Check withdrawals
Savings
- Limited access
- A place to stash money for emergencies and long term goals
- Can be linked to checking in order to transfer funds
- Higher interest rates for dividends
Pay Day! Now what?
- Deposit into account
- Cash your check
- Set up direct deposit with your employer
Understanding Gross vs. Net Pay
Gross:
- Earnings before taxes, benefits, and other payroll deductions
Net:
- Earnings after tax benefits and other payroll deductions including federal income tax, society security tax, medicare tax, applicable state or local taxes, retirement, and medical insurance.
Building a Budget and Why It’s So Important
A budget helps you to live within your means and stay on track towards your financial goals.
How to build a budget:
- Track spending
- Determine how much money you make monthly
- Calculate and deduct required expenses
- Determine if income covers necessary expenses
- Allocate any funds after expenses to savings, emergency fund, giving, etc.
Common Expenses After Graduation
- Gas
- Food
- Rent and Utilities
- Cell Phone Bill
- Car Note
- Car Insurance
- College Tuition
- Books and Supplies
Loans
In order to get a loan, you must:
- Applies for a loan
- Credit report is pulled
- Loan request is reviewed
- Loan is approved or denied based on ability to pay note, credit score, payment history, debt to income ratio, etc.
Many types of loans including:
- Auto
- Personal
- Debt Consolidation
- Home
- Recreational
- Credit Cards and Lines of Credit
- Student Loans and Personal Computer Loan
What is a Credit Score?
A number designed to represent a consumer’s creditworthiness. Score ranges from 300 to 850 with categories of poor, fair, good, very good, and excellent.
Made up of four categories:
- Personally identifiable information
- Collections and public records
- Credit accounts (trade lines)
- Credit inquiries
Credit Score Usage
Used for:
- Loan approval
- Interest rates
- Pre-employment background checks
- Lease applications
- Insurance rates
- Utility services
Ways to Improve and Establish Credit
- On time payments
- Utilization
- Colorful credit
- Limit inquiries
- Avoid accounts going to collections
- Patience
- Monitoring credit report annuall
Setting Yourself Up for Financial Success
- Establish short and long term goals
- Start saving NOW
- Build an emergency fund
- Understand the difference between wants and needs
- Live within your financial means
- Be cautious of accruing too much debt
- Be responsible when it comes to paying bills, opening credit accounts and making impulse purchases
